SteelMint’s billet index fell by INR 100/tonne (t) to INR 46,500/t exw-Raipur on 22 February 2023.
There is low buying in the market based on decreasing prices and weak demand for finished products. Buyers have booked substantial material in the past and are evaluating the current situation before making any further buying decision.
Transactions of only 1,800 t were recorded today in Raipur as against 1,700 t on 21 February.
SteelMint’s daily price assessments for rebars and wire rods inched down by INR 200/t. Followed by sponge iron prices which slightly decreased by INR 50/t.
Around 1,550 t of wire rods trades were reported in Raipur today.
Rationale –
This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
- Transactions (T1) – Three trades at INR 46,400-46,600/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 46,500/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Eight offers reported in the trading window and considered as T2 inputs. The average price of these eight was INR 46,500/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 46,500/t.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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